Sources:  

• Irish Times, Thursday 20 February 2025
• Institute of Directors
• Linkedin

By Peter Oakes, Founder Fintech Ireland.

​As chair of two MiCAR firms authorised in the EU, I find this news today about Irish banks joining a stablecoin project very interesting. Wearing my INED hat at two EU emoney firms, I can understand the passion to reduce friction and costs in payments. Lots to unpack here for sure!

AIB announces it has joined stablecoin project Qivalis. The other Irish bank that has joined the project is Bank of Ireland.

The supervisory board of Qivalis is chaired by my former Financial Conduct Authority (then FSA) boss Sir Howard Davies who also served as Deputy Governor of the Bank of England and is a former Chair of RBS/NatWest

Qivalis B.V., registered with the Dutch Trade Register under number 98235680. Subject to receiving regulatory approval, is targeting a market launch in the second half of 2026. It is a consortium of 37 leading European banks established to issue a regulated, euro-denominated compliant stablecoin that will enable seamless, efficient and secure payments and settlements within Europe and globally.

AIB is one of 25 new members joining today (20 May 2026) the existing 12 banks already in the consortium as part of a major expansion.

Qivalis:
➡️ desires on-chain ecosystem that positions a euro-denominated stablecoin as a global benchmark for digital finance.
➡️ seeks to enable the European finance sector to expand its digital infrastructure and build the future of European payments and settlements.
➡️ expects the euro stablecoin to be fully compliant with the EU's Markets in Crypto-Assets (#MiCAR) regulation.

AIB’s collaboration is to further and strengthen its our ability to deliver payments innovation to its clients.
Geraldine Casey, Managing Director Retail Banking at AIB said: “We are investing in this consortium because we believe Europe needs trusted, regulated innovation in payments and settlement... This investment aligns with that focus, the rapid transformation in payments and the growing development of blockchain and digital asset initiatives.”

AIB claims that it invests around €400 million each year to become a digitally progressive bank.

Meanwhile Billy O'Connell, Chief Strategy Officer at Bank of Ireland, said that through this initiative, Bank of Ireland is advancing innovation to deliver real benefits for customers, strengthen Europe’s financial infrastructure, and support the responsible development of digital money ...In doing so, we are helping to shape the future of how money moves, while supporting our ambition of offering unrivalled financial choice - now and for generations to come,"

Read more at: 

• https://www.linkedin.com/posts/peteroakes_stablecoin-micar-activity-7462835989720375296-P3ev
  
• https://qivalis.eu/
• https://www.linkedin.com/posts/aibireland_aib-is-pleased-to-be-joining-qivalis-a-consortium-activity-7462761080545796096-C_0_
• https://www.rte.ie/news/business/2026/0520/1574265-bank-of-ireland-joins-euro-stablecoin-initiative/

Fintech Ireland caught up with leading Irish fintech startup FacePOS's James Hannigan (CEO) and Paddy Bolger (CFO) for a couple of post St Paddy Day pints at Doheny & Nesbitt in Dublin last night (Wednesday 18th March 2026).  We and Fintech UK are very proud to have supported FacePOS on its journey thus far and we look forward to continuing to do so.

This morning, Thursday 20th March 2026, James was interviewed in a short, concise and punchy interview on the future of payments and in particular a future without card schemes.

James was introduced by the interviewer as "My next guest is developing a technology that uses your face to make payments, which crucially bypasses the big American card payment systems such as MasterCard or Visa."

The Sligo-based FacePOS has been accepted into the Central Bank of Ireland's Sandbox scheme as part of FacePOS's mission to be accepted by the banks and retailers.

James covered, among many other topics:

• how FacePOS has created a platform that allows both consumers and businesses to have FacePOS on their app and in their banking app.  This allows the customer to walk in, tap their phone using NFC to perform a customer bank account to merchant bank account transaction.
• it's all about verification of paying, knowing who you're paying, knowing the amount of money you're paying to the business.
• it's very, very important for Europe to have sovereignty in payments.
• FacePOS will be showcasing further its app during the Central Bank of Ireland event on 25 June 2026.

The Central Bank of Ireland is growing anxious about the risks to Irish crypto firms of the war in Iran.
The regulator on Thursday wrote to chief executives of authorised Irish crypto asset service providers warning that the US-Israel strikes on Iran may have a “detrimental impact on crypto markets and firms’ ability to operate effectively”.

The CBI questioned crypto firms about the impact the conflict – and the market turbulence that has followed – has had on their businesses.

It also asked the chief executives if they have “assessed and stressed the potential impact of a prolonged war on the firm’s business model, profitability, and operations”, and whether they have conducted a cyber-risk assessment.

“What actions are the firm taking to ensure the ongoing resilience of the firm’s business model, profitability and operations from global and geopolitical events?” the CBI asked. It gave crypto firms 24 hours to respond to its questions.

The strikes on Iran by Israel and the US have worried investors over recent weeks, with stocks seesawing as oil prices have spiked.

Bitcoin, the most valuable cryptocurrency by market cap, has outperformed gold and stocks since the beginning of the war.

Bitcoin has risen about 7 per cent since the war started on February 28, trading at close to $72,000 on Friday afternoon.

US investigators are looking at whether crypto platforms have enabled state-linked players to evade sanctions when seeking to move money abroad, access hard currency or procure goods, Reuters reported last month.
​
TRM Labs, the American blockchain intelligence platform, has estimated that there was around $10 billion of crypto activity in Iran last year, against $11.4 billion in 2024.

Joe McCann, managing director of Irish cybersecurity firm Intercept Technologies [and Intercept Fintech and Founder Crypto Assets Ireland], said the conflict presented “heightened risks” to crypto firms, including those in Ireland.

McCann said he attended a recent supervisory briefing held by the CBI, adding: “They’re now talking more than they ever had about cyber resilience.

“Ultimately, the risk posed to crypto asset service providers, even from a financial services aspect, is significantly higher than any others,” he said. “They’re constantly being targeted.”
​
McCann said that for crypto firms, guarding against cyber attacks is no longer sufficient.

“Protecting isn’t the only thing anymore,” he said. “It’s actually about monitoring and reporting.”

Peter Oakes, the founder of Fintech Ireland, said it was “no great shock” that regulated crypto firms had received letters.

“All of them have just passed through authorisation and should be treated like for like as other regulated fintech firms,” he said. “The letter is equally relevant to the trading desks of investment firms and some payments firms.”

A spokesman for the CBI declined to comment on the specifics of its letter to crypto firms, but said the regulator is continuing to “monitor developments relevant to financial firms and services”.

“The speed of current geopolitical developments calls for a clear understanding by firms and supervisors of the channels through which multi-faceted geopolitical risks can transmit to their organisations, and the consequent adaptability and resilience they need to nurture so they can respond to, and withstand, unexpected events,” he said.
​
“This is a routine supervisory focus at a time of fast-moving global developments.”

Source: https://www.businesspost.ie/banking/central-bank-warns-irish-crypto-bosses-over-iran-war-risk/

​On Thursday 14th March 2026, the Central Bank of Ireland wrote to the CEOs of Crypto Asset Service Providers authorised in Ireland under the Markets in Crypto Assets Regulations.

The backdrop to the letter was "recent US-Israel strikes on Iran and related economic and financial markets impact".  The CBI expressed its awareness that such events may have a detrimental impact on crypto markets and Firms’ ability to operate effectively.

As a result, it requested that by close of business Friday 13 March 2026 the CEOs of CASPS respond to the CBI to a series of questions and providing relevant detail where necessary.

• the impact US-Israel strikes on Iran and related economic and financial markets impact is having on the CASP and where impacted, what actions is the Board taking to address any risks?
• whether the CASP has assessed and stressed the potential impact of a prolonged war on the CASP's business model, profitability, and operations; if so, provide all relevant details.
• has the CASP conducted / reviewed a cyber threat assessment?
• with respect to the CASPs outsourced providers, third party providers (inclusive of group) or LPs (where relevant), has the CASP suffered any impact to its activities or operations as a result of the war or geo political events?;  if so, provide details including all actions taken by the CASP to address any risks.  
• what actions is the CASP taking to ensure the ongoing resilience of the CASP's business model, profitability and operations from global and geo political events?

 
CASPs with questions are invited to contact the CBI.

If you require assistance with cybersecurity risks/cyber threats and operational resilience (DORA) issues in order to satisfy your Board's regulatory obligations to the CBI , reach out to Joe McCann at [email protected] (use reference CBI Dear CEO Letter 20260314) to initiate a no obligation discussion about how to conduct and/or interpret an appropriate cyber threat assessment.  Intercept Technologies has assisted several regulated emoney institutions and CASPs both during and post CBI-authorisation to develop and complete cyber risk and DORA ICT Risk Assessment Questionnaires to the exacting standards expected by the Central Bank of Ireland which should be the same standard expected by your Board.